Dublin-based internet of things (IoT) firm Asavie Technologies saw turnover jump by 109 per cent in 2015 as profits almost doubled.
The company, which late last year announced plans to create more than 100 new jobs, saw revenues rise from €9.1 million to €19 million for the 12 months ending December 31st, 2015. This came as pretax profits increased from €5.95 million to €11.2 million.
Asavie’s flagship PassBridge technology enables mobile operators and original equipment manufacturers to rapidly launch, scale and secure end-user-focused enterprise mobility and IoT services. Clients include AT&T, Eir, Three, Telefonica and Vodafone.
The company was founded in 2004 and is headed by Ralph Shaw, a former director of business development hardware at Baltimore Technologies. In addition to its Dublin headquarters, where employee numbers rose 61 per cent in 2015, Asavie also has offices in the UK, Germany, Spain and the US.
Earlier this year, Asavie partnered with EMC and Vodafone to provide connectivity for Infinite, a €2 million Cork-based IoT platform that allows companies to test machine-to-machine (M2M) and IoT projects across mobile networks prior to scaling into production.
A breakdown of revenues shows €16.2 million of Asavie’s turnover in 2015 derived from outside of Ireland, equivalent to 92 per cent of total income, and up from 84 per cent or €7 million in the prior year.
Group operating profit rose to €11 million from €5.9 million in 2015 with costs of sales more than doubling to €2 million from €825,186 a year earlier.
Administrative expenses also increased sharply, increasing from €2.3 million in 2014 to €5.8 million as employee numbers climbed from 31 to 50.
Staff-related costs, including wages and salaries, totalled €3.7 million, compared to €2.2 million in 2014.
Barry O’Sullivan, formerly of Cisco, recently joined the Asavie board as a non-executive director.